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Cake day: June 13th, 2024

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  • The socialism they’re talking about here is a USSR-style central planned economy, just to make that clear. That sort of environment is absolutely hostile to foreign investment for many reasons, not the least of which is the corruption that will take decades to fully erase, if such a thing is even possible. For a demonstration of what that means today look at Egypt, which isn’t socialist but has many of the same problems due to the military’s encroachment on the market. The problem is that it’s impossible to compete with a state that doesn’t want to let you compete, so you’re at the mercy of the government in a way that tends to repel foreign investment.